News 5-18-07 L3 Development - 10 North Virignia

L3 Development is one of three teams submitting their qualifications/bid/etc for the 10 North Virginia Retail project. Click here to read their documents submitted to the city. Note that the document is called 'Proposal 3', not sure if the first two proposals from other developers will be posted or if they already narrowed down to L3 Development. The May 23 agenda states 'there will be discussion of 3 finalists'. The Redevelopment Agency started with 5 solid proposals after they put out the project to bid again.

5/18/07 - OTHER PROPOSALS FOR 10 NORTH VIRGINIA POSTED - The other two remaining finalists for 10 North Virginia have been posted. Below is a list of the development teams involved.Union Property Capital, LLCTodd S. Christman, Managing DirectorTerry J. Sternberg, Managing DirectorMartin B. Dalton, Managing DirectorSudhish Mohindoo, Retail Consultant

Inverness Equities, LLCJohn Pappas, Principal (Developer)Thad Johnson (Project Manager with Inverness Equities, LLC)John C, Gack, AIA (Architect with JG & A)I should note these are RFQ's, and not actual proposals, so unless you want to learn more about the three finalists, there's not much need to read these. Once the Board approves these three, the three finalists will be asked to submit a brief proposal with architectural concepts etc, and within 45 days Staff will come back with a single finalist to enter into exclusive negotiating agreement with.

Post your commentsPosted by: doofus - 5/18/2007 6:11:48 PM
The way these Public Sector RFQ's generally work is you submit qualifications, get interviewed, and the agency selects a candidate. Then the financial nitty gritty gets worked out. As an architect, it would be ILLEGAL (in NV) for me to submit any financial project data or schematics at this stage of the game. Sort of a screwed up system when you are looking for OOMPH factor on an important project.
Assuming the interviews went well, this looks like a lock for the 10 N. Virginia / L3 team. By far the most responsive reply, and they are already heavily invested here with the Montage and now the Fitz. Inverness' reply was pretty weak. Union Property was OK, but just left me a little cold. In development terms, this is a SLP (shitty little project), which maybe explains why there aren't any really good architects on any of the teams (my opinion). Jack Hawkins could knock this one out of the ballpark in his sleep.
It is interseting that the "fast-track" schedule on this project has already slipped a couple weeks.

Posted by: Steve - 5/19/2007 6:34:30 AM
Doofus, I agree. For UPC, both 100 North Sierra and 10 N Virginia seem like peanuts and reading their (many boarded up buildings) comments make me think that they might not be extremely motivated to get things going right away.
On the other hand, L3, is already in the midst of a very big commitment in the form of the Montage. In addition, they are also becoming committed to the Fitzgerald. And, likely to the trench plazas that front both blocks as well as some type of changes (perhaps additions) to the old Fitz Parking Garage (a major downtown eyesore).
If I was on the council, and not overly concerned that L3 was straining its financial capabilities, I would go with them. Leal seems like a very committed go-getter who will get things rolling at 10 North.